Bitcoin Prices Drop Amid Rejection at $64,600 Resistance Zone

Bitcoin [BTC] fell by 3.21% in the past 24 hours after facing rejection at the $64,600 local resistance zone.

This is the same area that rebuffed bulls a week ago, leading to a price downturn and $373.58 million in liquidations across the market, with Bitcoin seeing $107.32 million in long and short liquidations.

Crypto analyst Axel Adler Jr. observed that Open Interest was falling as prices declined, but market participants were not aggressively building short positions yet.

The Bitcoin Perpetual Market Pressure Index fell 11 points to 46 in just over 24 hours, indicating weakening buying pressure and a need for the index to reclaim its 30-day moving average to signal buyers are back in control.